New York Auto Insurance Quotes

For those looking to collect extensive information about auto insurance laws as well as competitive auto insurance quotes in New York provided by top insurance providers, there is no dearth of information. One can learn not only about the minimum liability coverage that should be carried in New York while driving but also about prevailing auto insurance rates for wrongful death, accidents caused by uninsured motorists and also personal injury protection. It becomes easier to compare quotes from insurance companies licensed to offer coverage within the state, once you learn about the minimum auto insurance requirements for New York.

New York Minimum Coverage Requirements

New York's auto insurance requirements are very comprehensive and include coverage for liability, personal injury protection, wrongful death, and accidents with uninsured motorists. All New York drivers are required to carry these types of coverage on all vehicles that are registered in the state. For liability insurance, the minimum coverage amounts required are $25,000 for bodily injuries for one person in one accident, $50,000 for all bodily injuries in one accident, and $10,000 for property damage per accident. Uninsured motorist coverage and personal injury protection coverage are also required, as well as wrongful death coverage in the amount of $50,000 for one person per accident and $100,000 for all persons involved in one accident.

Extra Coverage

Although most people purchase the insurance coverage that is prescribed by the state, it is important to evaluate your vehicle and find out what is worth before opting for additional coverage. If it is an expensive model or a sports car for instance, the wisest thing to do would be to take extra coverage. This is the only way you can protect your vehicle. But you must know the type of coverage that will suit your requirements, because only then you will be able to shop around for a competitive rate.

After you purchase the policy in your name, you must ensure that it remains in your name at all times. You must ensure that the policy as well as the registration is in the same name as well as residential address. If there is a name change on your auto insurance policy and if it differs in the registration of the vehicle then the coverage will lapse.

Electronic Reporting

Under normal circumstance the insurance provider will file an electronic notice with the DMV and will provide details of insurance coverage etc. This is a very important step in proving financial responsibility of the person who has availed auto insurance and it is certainly much better than showing the DMV just the card alone.

Determining Responsibility for Accident Expenses

New York is one of the twelve states that are considered no-fault states. In many other states, the tort system of determining responsibility for expenses is used. In these states, the driver who is at fault for an accident is responsible for paying accident expenses. In New York and other no-fault states, the insurance companies of covered drivers must pay their expenses regardless of who is at fault in the accident.

New York Proof of Insurance

New York requires electonic and paper proof of insurance when you are registering a vehicle. For electronic proof, your insurance company must file an electronic notice of insurance coverage with the Department of Motor Vehicles. Your insurance company must also provide you with two original insurance identification cards. One should be kept in your vehicle at all times and the other should be taken to the DMV within 45 days of the activation of your insurance policy. It will be kept on file after you apply for registration.

Penalties for Failure to Maintain Coverage

There are several penalties for driving without insurance in New York. Your driver's license and vehicle registration will be suspended. If you are involved in an accident when you do not have coverage, your license and registration will be revoked for one year. The fine for driving without insurance is up to $1,500 and you will also have to pay a $750 penalty in order to get your license back.

Other Penalties

Some of the other penalties will include turning in the license plates if you do not have the necessary insurance coverage. If you hold on to your license plates much after your coverage has lapsed, then the state has the authority to suspend your registration for the exact number of days for which you were without coverage. But if that time period is in excess of 90 days, then the state will suspend the license for the exact number of days as the registration.

You would be required to pay a termination fee of $25 while reinstating your license. But instead of all this you can simply produce the plates to the DMV directly or you can mail them to NYSDMV office.

Factors That Affect Auto Insurance Rates

There are a number of factors that come into play while determining the auto insurance premiums in New York. While you may be aware of some of the factors, most people are not aware of most of these factors.

The area you live in will also have a bearing on the auto insurance rates. If you live in an area that is prone to theft and vandalism, then you are likely to see your auto insurance premiums go up. People who live within the New York City limits will have to shell out much more than those who live in the suburbs. If you live in the suburbs and drive a lot, you will still be paying much less when compared to someone who drives within city limits. This is due to the fact that there is lesser traffic and that means lesser accidents.

Surprisingly, the newer vehicles cost much less to insure than the older ones. Although older vehicles cost less when it comes to repairs, newer models have lower premiums due to the safety features that are installed in the cars. When safety devices are installed the risk factor is greatly reduced and this helps in bringing down the auto insurance rates.

Importance of carrying extra insurance coverage

It is important that you carry insurance coverage not only for liabilities but also for other reasons. When you are involved in an accident, it is hardly the time to determine who is to be blamed for the accident and who isn't. Hence accident coverage or personal injury protection ensures that you will receive compensation from the insurance providers for the medical expenses and treatment after the accident, irrespective of who is at fault. It also helps to have medical insurance not just for the driver but also the passengers in car, who would need medical treatment after an accident. Given that the number of vehicles in New York is much higher compared to most other cities, the cost of insurance is slightly higher compared to other cities due to increased risk of accidents on the roads. This is also the reason New York auto insurance quotes prove so useful for those seeking auto insurance for their car.

Cost of Insurance in New York

It has been seen that on an average, citizens of New York have spent in excess of $1100 for their auto insurance whereas the national insurance is comparatively lesser at $850 or thereabouts. This still marks a reduction in the premiums compared to previous years. It is therefore important for New York car owners to look for the cheapest insurance by shopping around. This could be accomplished by requesting for as many auto insurance quotes as possible as there are plenty of auto insurance companies. Moreover, those seeking auto insurance in New York have to keep in mind that their insurance coverage is what provides for their damages in case of an accident. New York being a no-fault state, it becomes very important for everyone to pay their premiums on time and have appropriate damage cover at all times, whether it is for PIP, collision, comprehensive insurance or for medical expenses.

Tips to get a cheaper auto insurance

Car owners shouldn't blindly renew their policies year after year. Even if you are requesting for an auto insurance policy for the first time, you should be careful not to purchase it from the first company that sends you auto insurance quotes. The premium that you pay depends a lot on your personal profile and what the chances of your making damage claims are. However, every auto insurance company has its own algorithm for arriving at the best rates for every applicant. Hence you have to compare several auto insurance policies before making a decision. Some auto insurance companies could offer better discounts thus lowering your premium substantially. For example, while one auto insurance provider doesn't provide any discounts, another one might offer you a lower rate considering that your credit history is very good. Similarly you might benefit from a very low annual mileage or because your car has all the safety measures including anti theft mechanisms, navigation assist and side air bags. You must make sure you know what discounts are available so that you can negotiate for them. Auto insurance providers seldom offer discounts on your policy on their own.